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Retailer lowers outlook but shares rise

The chain sells overstocked and discounted items.
Toby Talbot/AP/File
The chain sells overstocked and discounted items.

Big Lots Inc. downgraded its earnings outlook as second-quarter results fell 18 percent due to higher expenses that masked a slight edge up in revenue. The results, however, surpassed the company’s previous expectations, sending shares higher. The retailer said earnings for the year would range from $2.80 to $3.05 a share on flat-to-1 percent growth in sales, versus its previous guidance of up to $3.12 on up to a 2 percent sales hike. Big Lots also said same-store sales at US outlets open for at least 15 months fell 2.2 percent.